Mortgage Rates Plunge to 3-Year Lows Jean Wright Real Estate
Mortgage Rates Plunge to 3Year Lows DAILY REAL ESTATE NEWS | FRIDAY, JUNE 17, 2016
For the second consecutive week mortgage rates moved lower, and are currently the lowest since May 2013. "The 10year Treasury yield continued its free fall this week as global risks and expectations for the Fed's June meeting drove investors to the safety of government bonds,” says Sean Becketti, Freddie Mac’s chief economist. “The 30year mortgage rate responded by falling 6 basis points for the second straight week to 3.54 percent yet another low for 2016. Wednesday's Fed decision to once again stand pat on rates, as well as growing anticipation of the U.K.'s upcoming European Union referendum will make it difficult for Treasury yields and more importantly mortgage rates to substantially rise in the upcoming weeks." Freddie Mac reports the following national averages with mortgage rates for the week ending June 16: ●
30year fixedrate mortgages: averaged 3.54 percent, with an average 0.5 point, falling from last week’s 3.60 percent average. Last year at this time, 30year rates averaged 4 percent.
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15year fixedrate mortgages: averaged 2.81 percent, with an average 0.5 point, dropping from last week’s 2.87 percent average. A year ago, 15year rates averaged 3.23 percent.
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5year hybrid adjustablerate mortgages: averaged 2.74 percent, with an average 0.5 point, down from last week’s 2.82 percent average. A year ago, 5year ARMs averaged 3 percent.
Source: Freddie Mac